Yerins, Beatrice & Niyi Get Evicted-Brand Spur Nigeria
The first evictions of the BBNaija Shine Ya Eye edition on Sunday night came with some very shocking twists.
This show’s host, Ebuka Obi-Uchendu, revealed four new housemates – Michael, KayVee, JMK, and Queen as Yerins, Niyi and Beatrice were evicted from the show.
This shocking twist has taken the competition up a notch as there are now 23 housemates vying for the grand prize for this season.
Meet the brand new ‘Shine Ya Eye’ housemates:
Michael: Michael Chukwuebuka Ngene is a 28-year-old singer-songwriter and aspiring filmmaker from Enugu State. Born in Lagos, he moved to the United States of America as a teenager but is currently based in Abuja.
He promises to spice things up in the house by initiating things and keeping his eyes on the prize. His motto is ‘catch cruise, forget’.
KayVee: Gbolahan Ololade is a 26-year-old photographer. His hobbies include playing football, clubbing and playing cards.
He has so much positive energy and promises to bring all the dance moves from the streets to the show. He says one of the most significant issues he’s dealt with is police harassment because of his style.
JMK: Jumoke Zainab Adedoyin, who describes herself as “a sexy, confident and adventurous foodie” who loves to help people, is a 23-year-old law graduate.
Jumoke Zainab Adedoyin-Brand Spur Nigeria
She has dreams of becoming a certified member of the Nigerian Bar. She is ready to slay in the house and will most likely be getting in many fights because she doesn’t like to be crossed.
Queen: Queen Mercy Atang considers herself a true leader and an excellent communicator who is very calculating, loyal, and peaceful.
The 26-year-old is a philanthropist and aspiring politician. She doesn’t like wearing clothes and promises to show off her ‘cute and sexy body.
BBNaija S6: Photos From WK2 Saturday Night Party
BBNaija Saturday Night Party-Brand Spur NigeriaBBNaija Saturday Night Party-Brand Spur NigeriaBBNaija Saturday Night Party-Brand Spur NigeriaBBNaija Saturday Night Party-Brand Spur Nigeria
Enjoy the full BBNaija season 6 experience, 24/7 on DStv channel 198 and GOtv Max and Jolli on channel 29. Get the DStv HD decoder, dish kit, and one-month subscription on Compact package for only N9,900 or the GOtv decoder, GOtenna and one-month subscription on Max package for N6,900 for a limited time only.
Abeg is the headline sponsor of Big Brother Naija season 6, and the associate sponsor is Patricia. For more updates on the show, visit www.africamagic.tv/bigbrothernaija and follow the official Big Brother Naija social media pages with the hashtag #BBNaija on Instagram @bigbronaija and Facebook www.facebook.com/bigbrothernaija.
Sterling Bank Plc has said that its farmers’ radio will improve access to credit for smallholder farmers while broadening their skills.
The 2021 edition of Nigerian Farmers Radio, the Pan-Nigeria agribusiness-related radio show initiated by the bank, will focus on product-to-region mapping, value chain focus and access to credit. It is broadcasted in major Nigerian languages, including Pidgin English, to meet diverse demographic needs.
Sterling Bank Farmers’ Radio | Brand Spur Nigeria
“This edition’s programme adopts a product-to-region mapping and value chain focus in useful content delivery to see the hard work of Nigerian farmers lead to prosperity and food security for themselves, their communities and the nation at large,” said Abubakar Suleiman, chief executive officer of Sterling bank.
He added that radio is a vital way of getting information across to those in rural farming communities and more than 90 percent of people in the rural communities own at least one functional radio.
Their remote locations increase their risk of missing out on new opportunities such as the single-digit interest Sterling Women and Youths in Agriculture Finance (SWAY AgFin) solution for small to mid-scale agribusiness practitioners.
The Farmers’ Radio would address any challenge by bringing useful and relevant topics that will improve productivity to farmers. The topics for discussion would be region-specific with solutions proffered to address all challenges farmers are likely to encounter.
Also speaking, Bukola Awosanya, group head, agric finance and solid minerals at Sterling Bank, said that the program is conceptualized to ensure that farmers who operate in remote locations reduce the risk of missing out on new opportunities such as the single-digit interest Sterling Women and Youths in Agriculture Finance (SWAY AgFin) solution developed and distributed in partnership with Mastercard Foundation to help increase the output and profitability of agribusiness by making much-needed capital available to entrepreneurs.
She said that initiatives such as the program remain imperative because the adverse effect of disruptions caused by the COVID-19 pandemic has not only restricted output as well as people’s access to sufficient and nutritious sources of food, but has also slowed down cash flow in the hands of food suppliers and farmers, hindering farmers from returning to farms in due time.
The group head, agric and solid minerals finance with Sterling Bank, said, “For 2021, our approach will be to assess region-specific value chains to maximize impact, value of the investment and deliver solutions tailored to the most active and valuable products in the region.”
According to her, the value chain focus for the Northeast and Northwest sub-regions will be maize, rice, and sesame with the delivery language as Hausa while in the southwest will focus on Aquaculture, Poultry, Vegetables, and Cassava to mention a few and delivery will be in the Yoruba language.
“For the North Central sub-region, the value chain focus is poultry, soybeans and cassava with p while for Southeast and South-South, the value chain focus is aquaculture, palm oil, and cassava,” Awosanya said.
The leading ride-hailing and mobility platform, Bolt, has raised €600 million in a funding round that increases its valuation to over €4 billion. The funds will boost its new 15-minute grocery delivery service and accelerate the expansion of its existing mobility and delivery products.
Sequoia Capital has backed the company as part of the round alongside other new investors Tekne and Ghisallo alongside existing backers also participated including G Squared, D1 Capital and Naya.
“Bolt’s mission is to make urban travel affordable and sustainable. We are building a future where people are not forced to buy cars that cause traffic and pollution but use on-demand transport when they actually need it.
After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves.
I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people.”
Andrew Reed, the partner at Sequoia, said:
“Bolt is redefining urban transportation in much of the world. Markus is a driven founder who has built an operationally excellent business spanning Europe and Africa and a mission-driven culture that forms the foundation of an enduring company. Bolt helps customers, cities, and the environment. We’re delighted to partner with them.”
COVID-19: Play Your Part Alongside Bolt In Enhancing A Sustainable Environment
Bolt has experienced hyper-growth in the past year — the company has grown to 75 million customers globally. The ride-hailing company currently operates across seven African countries, providing earning opportunities for over 400,000 drivers in over 70 cities across the continent.
Building on their long-term relationship, Network International will be helping WEMA Bank increase its card-issuing capacity as well as support its ATM processing capabilities in Africa.
The agreement underlines the two companies’ shared commitment to further the adoption of digital payments and support emerging markets’ transition to a cashless economy.
WEMA Bankprides itself on the deep connection it shares with its customers, to understand their needs and meet them consistently. This collaboration will provide the bank access to Network International’s advanced digital infrastructure, allowing it to better meet its customers’ payment and card needs in Africa.
Network has been at the forefront of driving digital payments acceptance across Africa and the Middle East, offering end-to-end payment solutions to a growing client base in over 50 countries.
Damola Bolodeoku, Head, e-Business & Payments, WEMA Bank, said:
“Network International has been a partner of Wema Bank for some time for processing, card portfolio management and acquirer processing, and we have enjoyed the professionalism of the organization as well as its adherence to international standards and specifications.
Network-processed Mastercard cards are issued and delivered at no cost through Alat (by Wema), Africa’s first digital bank, and that partnership has blossomed over the last 48 months with well over 500,000 cards issued through Network’s support.”
Hany Fekry, Regional President – Northern and Sub-Saharan Africa | Brand Spur Nigeria
Hany Fekry, Regional President – Northern and Sub-Saharan Africa, said:
“Network International already enjoys a long-term, successful relationship with WEMA Bank, having helped the bank deliver many innovative products to their customers over the years.
The expansion of our agreement is also a testament to the confidence the bank has in our best-in-class solutions and technical expertise. We are delighted to strengthen our alliance with WEMA Bank, with the common goal of achieving increased digital adoption and the improved customer experience in the African market.”
Global Stocks Gain as investors track earnings, economic data
This week, the bulls advance, as eleven (11) out of the fourteen global market indices under our coverage declined, while three (3) declined. The positive performance was due to some stellar corporate earnings, and stronger-than-expected U.S Job reports, amidst continued concerns over the Delta variant of the Coronavirus pandemic, impacting a budding economic recovery.
According to the job report released on Friday by the U.S Labour Department, the Non-farm payrolls increased by 943,000 jobs last month, the most in almost a year, while the unemployment rate dropped to 5.4%. Also, the Labour Department reported that 385,000 Jobless claims has been filed last week, while layoff dropped to the lowest in more than 21 years of last month.
Furthermore, the Bank of England (BoE) on Thursday left its monetary policy unchanged but warned of a more pronounced figure of above-target inflation.
Photo by Mark Finn
Consequently, all the major U.S indices under our coverage, DJIA Index, S&P 500 Index and Nasdaq Composite increased by 0.78%w/w, 0.94%w/w, 1.11%w/w respectively, following some stellar corporate earnings reports,
Similarly, all the major indices under our coverage in Europe; the France CAC 40 and UK FTSE 100, and the German DAX Index advanced by 3.09%w/w,1.29%w/w, and 1.40%w/w respectively, as investors grow confident in the region’s economic recovery and earnings growth.
In the same vein, all the major indices under our coverage in Asia, the Japan Nikkie 225, Hong kong HANG SENG, China Shanghai Composite, and India S&P BSE Index grew by 1.97%w/w, 0.84%w/w, 1.79%w/w, and 3.22%w/w respectively, despite the soaring cases of the Covid-19 Delta variant and travel restrictions in some part of the region.
However, all the major indices in the emerging markets under our coverage, South Africa FTSE/JSE, Egypt EGX 30, andArgentina Merval Index receded by 0.43%w/w, 0.18%w/w, and 0.22%w/w respectively, save for Brazil BovespaIndex that gained 0.83% w/w to close the week.
In the coming week, we expect investors to react to the positive U.S Jobs report, which indicates the global economy is still on track for recovery. However, soaring cases of the Covid-19 Delta variant in some parts of the globe could dictate investors’ sentiment.
The Nigerian Bourse ended w/w trading on a positive note, as the NGX-ASI appreciated by 0.68% from 38,547.08 points to close at 38,810.75 points. Positive market performance was recorded in four of the five trading sessions.
Investors gained about N137.4 billion, as the Market Cap. grew from N20.08 trillion in the previous week to N20.22 trillion.
At the end of the week, the Insurance, Oil & Gas, and Banking, Consumer, and Industrial Goods Sector all receded by -1.65%,-0.61%, –0.58%, -0.48%, and -0.22% respectively.
According to the NGX Weekly Summary Report, CUTIX PLC emerged as the best performing stock for the week with a w/w gain of +17.95%, while NEIMETH emerged as the worst-performing stock with a w/w loss of -14.29%.
A total of 989.593 million shares worth N8.183 billion in N8.183 billion in 19,617 deals were traded this week by investors on the floor of the Nigerian Exchange Group (NGX), as against a total of 1.37 billion shares worth N11.82 billion in 22,982 deals last week.
In terms of corporate action, MEYER PLC and CHIPLC proposed an interim dividend of N1.50 and N0.02 respectively.
Twenty-three (23) equities appreciated at price during the week, lower than Thirty-seven (37) in the previous week. Thirty-six (36) equities depreciated in price, higher than Thirty-five (35) equities in the previous week, while ninety-seven (97) equities remained unchanged, as against eighty-four (84) equities recorded in the previous week.
Outlook
We expect mixed sentiment to continue in the coming week, as investors continue to react to the released earnings report, and yield movement in the fixed income market.
NASD OTC
Marginal gain of 0.04%w/w halts bearish sentiment of two consecutive weeks
Transactions on the NASD OTC Security Exchange Market closed on a positive note to halt the bearish sentiment of two consecutive weeks, as the NASD Security Index NSI grew by 0.04%, representing 0.31 basis points to close at 752.81 points against 752.50 points in the previous week. Investors gained N270 million for the week, as the NASD OTCMarketCapitalisation closed at N654.32 billion for the week.
Total trading activity for the week was valued at N1.05 billionin 102 deals. The most traded stocks on the exchange for the week are; SDNGXGROUP, SDCSCSPLC, SDFCWAMCO, SDNDEP, SDNIPCOPLC, SDFOODCPT, SDWAPPLC, SDMIXREAL, SDFSTTRUSTMB, and SDAFRILAND.
SDWAMCO emerged top gainer for the week, with a maximum price appreciation of (+5.79% N127), while SDWAPPLC emerged top loser for the week with a price depreciation of (-19.32% to N0.71).
This week’s price appreciation was a result of buy-sentiment in medium and large capitalized stocks among which are; SDWAMCO(+5.95% to N127), and SDNGXGROUP(+0.24% to N16.53).
However, the market breadth close negatively, recording 3 losers and 2 gainers.
Outlook
We expect the NASD OTC Market to trade in a tight range in the coming week.
Money Market
This week’s activities on Treasury Bills were limited to the secondary market, as no new instruments were offered.
System liquidity indicators closed higher, as Overnight (O/N) and Open Buy Back (OBB) rose to 20.50% and 20.00% respectively, from 7.75% and 7.50% in the previous week.
Consequently, the average yield of the secondary Treasury Bills market declined by 17bps to 5.63%, as against 5.90% recorded last week, due to selling pressure.
Similarly, the average yield on the secondary Open Market Operation (OMO) closed lower to settle at 7.78%, representing a 91bps decrease against last week.
Outlook
In the coming week, we expect the money market to trade in a tight range as investors focus on developments in the NTB auction where the apex bank is scheduled to roll over N51.49bn worth of bills. Looking at the trend from the previous NTB auctions, we expect the stop rate for the shorter tenors to remain the same, while the stop rate for the longer end of the curve recedes further due to huge buy-interest.
Bond Market
This week, the DMO on behalf of the Federal Government of Nigeria offer for subscription the 2-Year and 3-Year Savings Bond with an interest rate of 8.864% and 9.864% respectively, against the interest rate of 8.35% and 9.35% in July 2021.
Furthermore, the average yield on the secondary bond market closed on a bullish sentiment to 9.06%, as against 9.25% recorded last week, representing a decline of 19bps.
Outlook
We expect the bond market to trade in a tight range, as investors monitor yield movement.
Foreign Exchange Market
At the I&E FX window, the Naira depreciated by 0.01%(w/w) to close on Friday (06/08/2021) at ₦411.50/USD against ₦411.44/USD from last Friday’s position. However, at the BDC, Naira appreciated by 1.38%(w/w) to close on Friday (06/08/2021) at ₦508/USD against ₦515/USD from last Friday’s position.
Foreign Reserve
The Foreign Reserve grew $185.18million to the level of $33.57 billion (05/08/2021) from $33.38 billion (29/07/2021).
Crude Oil
The Brent Crude price depreciated by $4.71/barrel (w/w) to $70.70/barrel this Friday(06/08/2021) as against $75.41/barrel last Friday (30/07/2021), representing a drop of 6.66% (w/w). Similarly, Nigeria’s Bonny Light also decreased by $4.55 to $69.77/barrel on Friday(06/08/2021) from $74.32/barrel(30/08/2021), representing a drop of 6.52% (w/w)
Financial results of Jaiz Bank Plc, Nigeria’s premier non-interest bank, for the second quarter ended 30 June 2021 was released to the Nigerian Stock Exchange, showing a 70.6% growth in Profit After Tax (PAT), from N1.17 billion declared in June 2020 to N1.99 billion at the end of June 2021.
Jaiz Bank’s total Income for the period under review grew by 42.1% from N6.23 billion at end of June 2020 to N8.86 billion at the end of June 2021.
Meanwhile, the Bank’s earnings per share for the period under review jumped by 70.3% from 3.98 kobo in the second quarter of 2020 to 6.78 kobo at the end of the second quarter of 2021.
The consistent earnings result is obviously reassuring to all stakeholders and the investing public, thus, positioning the Bank as not only the pioneer but also the leading Non-Interest Bank in Nigeria.
Speaking on the result, the Managing Director/CEO Hassan Usman said that it reflects the Bank’s positive outing in 2020, where it recorded a Profit Before Tax of N3.07 billion. He assured that the Bank is determined to maintain the remarkable earnings streak for the rest of the year by leveraging on technology and the expansion of its retail banking portfolio.
Only a discerning analyst would have raised his eyebrow when the NNPC announced its intention to pay its first dividend in September 2021. He would ask if this was a precursor for listing the oil behemoth on the Nigerian stock market just like Aramco did in Saudi Arabia. Aramco IPO has been the world’s largest to date.
LBS Executive Breakfast Session
To list any company on the exchange, the company must have paid dividends in the prior 3 years. This announcement was swiftly followed by the FEC approval of NNPC’s acquisition of a 20% stake in the Dangote refinery and petrochemical project.
These decisions are not only huge but are potentially transformational for the petroleum sector in Nigeria, which had been hitherto in a moribund state. The governance requirements of listed companies are likely to force the NNPC to become more transparent and accountable in its financial management.
Q2 GDP growth could spike to 3%
The NBS will release the Q2 GDP data on August 26. Consensus estimates are for a positive growth number ranging anywhere from 2.6%-3.2%, primarily due to base year effects. The growth numbers will be closely watched by the markets and analysts.
The Nigerian economy has been struggling as it seeks to overcome structural defects whilst simultaneously embarking on badly needed economic reform. The 5-year average GDP growth rate is 0.3% because of the impact of two recessions and a slow recovery from the pandemic-torn environment.
Naira to continue to appreciate towards fair value but analysts are jittery
The bright spot in the chequered picture is that oil prices are back up again at an average of $74pb in July and OPEC has increased Nigeria’s quota to 1.8mbpd. This could lift the quarterly dollar oil revenue towards $14bn per quarter from an average of $11bn in 2020.
Nigeria’s terms of trade, which measures the change in prices of its exports relative to the prices of its imports have improved from 23.2 in 2020 to 30 in 2021. This means that with the balance of trade now becoming positive ($1.2bn) and an exchange rate determining mechanism aimed at attaining global competitiveness, there is a chance that Nigeria might be moving gradually and closer towards the fair value of the naira on a more sustainable basis.
The naira has gained 3.24% since it fell to N525/$ last week. Most pessimists were of the view that the naira was likely to plunge to N700/$ after the BDCs were stopped from buying dollars from the CBN. We continue to hold the view that the naira will continue to appreciate fair value (N470-N490/$) in the parallel market as long as the CBN increases forex supply. However, corporates remain nervous as to policy direction and uncertainty remains.
He added that it would rehabilitate 100 wagons to further strengthen the rail sector within the next two months.
He explained that 21 of the rehabilitated wagons would be used in the northern district of the rail service comprising Kaduna, Kano, Jigawa, Yobe, Katsina and Zamfara states.
He said the Kano to Nguru (Yobe State) train service was still active and that plans were at an advanced stage to enhance the traffic on the route by returning coaches that were dropped because of the COVID-19 pandemic.
The regional district manager said the Minna-Kaduna rail mass transit had also been active for the past one month and that patronage was increasing on every trip. The service runs on Sundays, Mondays and Thursdays.
The train leaves Minna at 7 a.m. and leaves Kaduna at about 2.30 p.m.
He added that since most of the routes were on narrow gauge, the corporation would strengthen its maintenance work to ensure hitch-free operations. Adebiyi stressed that the corporation had strengthened its collaboration with key security agencies and other relevant stakeholders to address vandalism on Railway properties.
He commended the Federal Government for boosting rail service and enjoined Nigerians to take advantage of the new posture.
The celebration, chaired by former President of Nigeria, Dr. Goodluck Ebele Jonathan CGFR, had in attendance a representative of the sitting president, Major General Muhammadu Buhari, represented by his Chief of Staff, Ibrahim Gambari; Vice President, Yemi Osinbajo; former president of Nigeria, Ibrahim Badamasi Babangida; Minister of Transportation, Rotimi Amaechi; Governor of Ekiti State, Kayode Fayemi; Governor of Ondo State, Rotimi Akeredolu, former governor of Imo State, and present Senator representing Imo West Senatorial district, Rochas Okorocha.
Speaking about the event in retrospect, the groom expressed his overwhelming gratitude to all in attendance. “To my respected elders, mentors, business partners, family and friends, thank you! It means a lot that you all sacrificed your time and resources to share the day with Kehinde and I.”
Delivering the goodwill address, Jonathan wished the couple well, urging them to allow love lead their union.
Also present at the event were the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; Alake of Egbaland, Adedotun Aremu Gbadebo III, and Oba of Elegushi, Oba Saheed Ademola Elegushi.
Enlists key legal authorities in public law to discuss and ideate on salient issues around the Nigerian constitution
August 2021: Pursuant to its vision of championing positive social changes through sustained advocacy that promotes transparent, effective management and governance of the Nigerian and African sociopolitical economies, the African Heritage Institution (AfriHeritage) partner’s the Nigerian Bar Association(NBA), Ikeja for the August 2021 Big Ideas Podium (BIP).
The event is scheduled for August 12, 2021, at 10:00 am. Mixed and structured for both in-person and virtual participation, the event is themed: “Reworking the Nigerian Constitution for National Transformation and Integration”.
As a national platform designed for public policy debates on emerging and developmental issues that inform policy reforms and good governance, the AfriHeritage Big Ideas Podium (BIP) seeks to drive the push towards a renascent Africa that is peaceful, democratic, prosperous, and a major player in the global economy. Working in partnership with the NBA, we are keen to influence public policies to catalyze transformative change and the African economic renaissance.
The August 12, 2021 edition of the Big Ideas Podium will have notable industry captains, experts in public and constitutional law, and policymakers to reflect critically and identify useful ideas on how we can rework our national constitution for national transformation and integration.
The Keynote Address will be delivered by Bartholomew Aguegbodo, Esq — Chairman, Nigerian Bar Association, Ikeja (and Principal Head, Bartholomew Aguegbodo & Co).
Marvin Ibem, Esq, founding partner of Marvin Ibem & Co; and
Justice Chineme Uhuegbu, Esq — Principal Head, Uhuegbu Chineme & Co (Justice Chambers) — and
National President, Association for Good Governance Nigeria.
Commenting on the choice of theme and partnership, Professor Ufo Okeke-Uzodike (Executive Director, African Heritage Institution) noted:
“As the supreme law of a country, a national constitution sets out the rights of individuals, captures key national goals, and embodies the public will; it provides ground rules for citizenship and coexistence, and the responsibility of government to the governed.
In essence, a government owes its legitimacy to the national constitution within which its authority must be completely subsumed. Sadly, the current Nigerian constitution does not command the loyalty it should from its governments and peoples.
Saddled with social and political unrests and growing levels of criminality and poverty, Nigeria remains on the brink of becoming ungovernable or a failed state as some individuals and socio-cultural groups turn to violence or claims of separatist rights.
Given the current context of massive levels of poverty, criminality, insecurity, and exclusionary politics (and the associated incessant unrest), AfriHeritage — in collaboration with legal authorities and intellectuals with competencies in constitutional law – seeks a more focused and goals-driven national discourse on constitutional reform.
We hope that such a focus will enable us to identify crucial benchmarks for achieving meaningful and sustainable peace, national integration, and socio-economic transformation and development”.
All stakeholders and Nigerians are expected to click the link https://bit.ly/2V6Mq3Z to register
African Heritage Institution (AfriHeritage) is a not-for-profit, non-partisan and independent policy think tank incorporated by guarantee in Nigeria in December 2000 as African Institute for Applied Economics. The need to expand its scope and area of coverage led to a name change in 2013.
The Institution is devoted to governance and socio-economic policy researches and facilitates policy advocacy, training and networking. It also provides consultancy services to governments, local and international development organizations and the organized private sector.
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